Major Group SIC 6091 - Non-deposit Trust Facilities

SIC 6091 - Non-deposit Trust Facilities

SIC 60 - Depository Institutions
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- SIC 609 - Functions Related To Depository Banking
  SIC 602 - Commercial Banks SIC 606 - Credit Unions SIC 609 - Functions Related To Depository Banking SIC 603 - Savings Institutions SIC 608 - Foreign Banking And Branches And Agencies Of SIC 601 - Central Reserve Depository Institutions
  - SIC 6091 - Non-deposit Trust Facilities
    SIC 6099 - Functions Related to Depository Banking, Not Elsewhere Classified SIC 6091 - Non-deposit Trust Facilities

Trust companies engaged in fiduciary business, but not regularly engaged in deposit banking. Some of these establishments occasionally hold limited amounts of special types of deposits, and their uninvested trust funds are usually classified as deposits. These non-deposit trust facilities may have either National or State charters. This industry does not include establishments operating under trust company charters which limit their fiduciary business to that incidental to real estate title or mortgage loan activities, which are classified in Industry 6361.

Industry trends:

Recent trends in the NAICS 6091, Non-deposit Trust Facilities industry, highlight a growing emphasis on digital transformation. With advancements in technology, many non-deposit trust facilities are leveraging fintech to streamline operations, enhance client engagement, and ensure regulatory compliance. This includes the use of blockchain for secure transactions and AI-driven analytics to offer personalized investment strategies.

Another trend is the increasing demand for ESG (Environmental, Social, and Governance) investing. Clients are seeking trust services that align with their values, pushing trust facilities to incorporate sustainable and ethical investment options into their portfolios.

Furthermore, there’s a noticeable shift toward fee-based models rather than traditional commission-based structures. This change aims to provide more transparency and align the interests of trust facilities with those of their clients.

Looking forward, the industry is poised for continued growth in digital services. As clients become more tech-savvy, the demand for mobile-accessible trust services is expected to rise. Non-deposit trust facilities that invest in cybersecurity measures and advanced data analytics will likely gain a competitive edge. Additionally, regulatory developments will continue to shape the industry landscape, with trust facilities needing to adapt to new compliance requirements swiftly.

This industry is comprised of:

Non-deposit trust companies

Explore related industries:

SIC 6211 - Security Brokers, Dealers, And Flotation Companies SIC 6719 - Offices Of Holding Companies, Not Elsewhere Classified SIC 6399 - Insurance Carriers, Not Elsewhere Classified

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